Sugar Substitutes Market Overview
The Global Sugar Substitutes Market is expected to garner a revenue of USD 20.5 billion by 2024, at a CAGR of approximately 6.3% during the forecast period of 2019–2024. The increasing sale of sugar substitutes is driven by changing consumer’s preference and adoption of low-caloric healthy food consumption trend. Easy availability and high health benefits of sugars substitutes is increasing its sale in the global market. Equivalent sweetness and convenience usage of sugar substitutes is also fueling up its market share. Increasing consumption of table sugar alternatives due to economy development has a positive impact on the sugar substitutes market. The consumption of sugar substitutes is found to be high in and North America and is evaluated to increase at a growth rate in various countries of Europe and Asia-Pacific region.
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Globally, the sugar substitute’s market share is estimated to escalate at a higher growth rate due its high nutritional profile. Sugar substitutes are known to decrease the chances of diabetes and heart diseases amongst the consumers. High consumption of sugar substitutes is backed up by developing economy and innovations in sugar and sweeteners manufacturing industries globally. The rising demand for bakery and confectionery products with less calorie is supporting the sale of the product. The nutritional value of sugar substitutes has increased its demand amongst the health-conscious population of consumers thereby increasing its demand globally.
Consumption of high intensity sugar substitutes is growing at significant rate based on high demand from the consumer’s side due to equivalent sweetness as table sugar. In addition, the market of natural sweeteners as sugar substitutes is experiencing a rapid increase. Based on the application, bakery and confectionery holds a lion’s share based on high demand for healthy and low-table sugar containing bakery products and chocolates.
The sale of stevia as a natural sugar substitute is experiencing a surge backed up by consumer’s preference for natural and plant-based sweeteners with high health benefits.
The major key players in Sugar Substitutes Market are
- Heartland Food Products Group (US)
- Wisdom Natural Brands (US)
- HaleFresh (US)
- NOW Foods (US)
- Zydus Cadila (India)
- Wholesome Sweeteners Inc. (US)
- Organic India (India)
- Wholesome Sweeteners Inc. (US)
- Health Garden (US)
- Cargill, Incorporated (US)
Sugar Substitutes manufacturers across various regions follow the strategy of improving their existing product as well as increasing the manufacture of natural sugar substitutes to meet the consumer’s demand to expand their business. This is one of the major factors due to which the demands of sugar substitutes is experiencing a surge. China is amongst the dominating countries holding a major share in sugar substitutes market and exports the product in various other countries which include Philippines, Indonesia, Korea, Vietnam and others.
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The global sugar substitutes market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). North America holds a major market share followed by Asia-Pacific. The high demands for sugar substitutes from the developed countries of these regions is contributing to the growth of Sugar Substitutes market. Mexico, U.S., Germany, Netherlands and U.K. are the major importers of sugar substitutes. North America is found to be the major exporter of sugar substitutes and exports majorly to countries of Europe and Asia-Pacific.
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